Independent broker-dealers (IBDs) and RIAs have the edge over wirehouses when it comes to adding mutual fund assets under management, according to Access Data and Strategic Insight.
During the first quarter, mutual fund assets in the IBD and RIA channels increased 9% and 8% respectively, compared to the wirehouse channel, which experienced a 6.5% increase.
First quarter 2013 long-term mutual fund assets under management at IBDs and RIAs rose to $1.54 trillion and $1.24 trillion, respectively, compared to $1.41 trillion and $1.15 trillion in the fourth quarter of 2012, according to Access Datas market intelligence data.
The wirehouse channel accounted for $1.2 trillion in the first quarter, compared to $1.13 trillion in the previous quarter.
Access Data is a Broadridge Financial Solutions company.